The Sunday Mirror says Chelsea are prepared to offer him a rise of only £20,000 on his current £80,000-a-week salary. Talks between Cole’s advisers and Chelsea have been ongoing since the start of the season but have stalled in recent weeks with neither side apparently willing to back down.

City, United and Spurs are long-term admirers. But the Eastlands club, who failed in an audacious bid to land Chelsea and England captain John Terry last ­summer, are more confident that they can fulfil Cole’s ­current wage demands.

In the current economic climate it seems both United and Tottenham will find it ­impossible to match a City offer that would include a £5m signing on fee and wages of about £150,000 a week.